A 6-unit multifamily property located at 39 North Sierra Bonita Avenue in Pasadena has been sold for $1,730,000. The sale took place on 05/19/2023. The property is situated in a prime location directly in front of PCC and offers development potential due to its large lot size. With a total square footage of 4,065, each unit has an average of 677.5 square feet. The price per unit is $288,333. The price per square foot is $426. The property was sold at a 3.36% cap rate, with a gross rent multiplier (GRM) of 17.91.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,730,000
• Address: 39 North Sierra Bonita Avenue, Pasadena
• Market: Pasadena

The brokers involved in the deal are Rick Ramirez and Chris Kim from Ally Commercial Real Estate. They successfully managed the transaction and represented the parties involved in the sale.

It is worth noting that the property had not been sold for nearly 30 years prior to this transaction. The sale was completed in less than 30 days despite the property having deferred maintenance, numerous City of Pasadena citations, and ongoing tenant/landlord disputes. The buyer did not receive any credits for these issues.